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Niels Pennings

niels@nielspennings.com +1(917) 583-2567

$ 1,200,000

Est. payment -/mo

Save

Active

111 Beech ST Yonkers, NY 10701

6 Beds

3 Baths

3,500 SqFt

UPDATED:

09/27/2024 04:01 AM

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 3,500 sqft

Price per Sqft $342

MLS Listing ID 3581507

Style Store+Dwell

Bedrooms 6

Full Baths 3

Originating Board onekey

Rental Info No

Year Built 1905

Annual Tax Amount $11,028

Lot Size 2,178 Sqft

Acres 0.05

Lot Dimensions 25x100

Property Description

Investment Opportunity with Stable Income and Upside Potential This well-maintained mixed-use property in Yonkers, New York, offers a unique opportunity for an investor seeking both residential and commercial income streams. The property consists of two spacious three-bedroom apartments and a ground-floor deli, along with a leased garage. It is located in a desirable area with strong demand from both residential and commercial tenants. Property Breakdown: Residential Units: Second Floor: Section 8 program tenant paying $2,002 per month, providing guaranteed rental income. Third Floor: Month-to-month tenant paying $1,950 per month, allowing flexibility for future rental increases or repositioning. Commercial Unit (Ground-Floor Deli): Commercial tenant paying $3,600 per month with two years remaining on a 10-year lease. The lease includes a 6% annual rent increase, ensuring growing income. This tenant provides a reliable income stream with long-term stability. Garage: Leased at $1,210 per month, adding an additional revenue source to the property. Financial Overview: Total Monthly Gross Income: $8,762 Total Annual Gross Income: $105,144 Expenses: Taxes: $11,028.66 annually Heating and Electric Bills: $12,000 annually Water Expenses: $1,200 annually Recent Improvements: The roof was replaced in 2024 and is insured for 15 years, reducing future capital expenditures. Net Operating Income (NOI): With total annual expenses of $24,228.66, the property generates a net operating income (NOI) of approximately $80,915.34. Summary: This Yonkers mixed-use property presents a balanced combination of residential and commercial tenants, guaranteed income from a Section 8 lease, and a long-term commercial tenant with built-in rent escalations. With minimal deferred maintenance due to recent roof work and manageable expenses, this asset is positioned to provide solid returns and potential upside through rental increases. For investors seeking a well-located property with diverse income streams, this is a compelling opportunity to add a high-performing asset to your portfolio.

Location

State NY

County Westchester

Rooms

Basement Full, Partially Finished, See Remarks, Walk-Out Access

Kitchen 3

Interior

Interior Features Storage

Heating Oil, Hot Water

Cooling Wall Unit(s)

Fireplace No

Exterior

Garage Attached, 2 Car Attached, Covered, Garage

Garage Spaces 2.0

Parking Type Attached, 2 Car Attached, Covered, Garage

Garage true

Building

Sewer Public Sewer

Water Public

Level or Stories Three Or More

Structure Type Other

New Construction No

Schools

Elementary Schools Yonkers Early Childhood Academy

Middle Schools Yonkers Middle School

High Schools Yonkers High School

School District Yonkers

Others

Senior Community No

Special Listing Condition None

Listed by Keller Williams Landmark II • 347-846-1200

Niels Pennings

Real Estate Advisor | RES.RES.0814910

+1(917) 583-2567

Niels Pennings

111 Beech ST Yonkers, NY 10701

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

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111 Beech ST